A Local Public Good

question 11

Multiple Choice

A local public good

• A) only benefits members of a particular community.
• B) gives higher benefits than regular public goods.
• C) requires unanimous voting.
• D) has become an integral part of the federal government.

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Definitions:

Specific Performance

A legal remedy that compels a party to execute a contract according to the precise terms agreed upon, rather than awarding damages for breach.

Punitive Damages

Financial compensation awarded to a plaintiff in a lawsuit, intended to punish the defendant for particularly harmful behavior.

Novation

Novation is the legal process by which an existing contract is replaced with a new contract, involving the same or different parties, where the obligations of the original contract are extinguished and replaced by new obligations.

Exemption Clause

A contractual provision that seeks to limit or exclude one's liability in certain situations, often subject to legal scrutiny for fairness.